Multiple Choice Questions on At what rate of CI pa will a sum of Rs 1000 becomes Rs 1040 4 in 2yrs ........ for Civil Services Exam (CSAT) Preparation

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Multiple Choice Questions

At what rate of CI pa will a sum of Rs 1000 becomes Rs 1040 4 in 2yrs ........

Math and Mental Ability Compound Interest
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    At what rate of CI pa will a sum of Rs.1000 becomes Rs.1040.4 in 2yrs ?

    2%

    Correct Answer

    1%

    Incorrect Answer

    1.5%

    Incorrect Answer

    3%

    Incorrect Answer
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    Explanation:

    1000*(1+(R/100))^2 = 1040.4
    (1+(R/100))^2 = 1040.4/1000
    (1+(R/100))^2 = 10404/10000 = (102/100)^2
    R = 2%

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